Singapore’s exports grow at a slower pace of 3.1% in September

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SINGAPORE: Singapore’s non-oil domestic exports (NODX) rose 3.1 percent in September, slowing growth from 11.4 percent in the previous month.

Non-electronics exports rose while electronics fell from a high level a year ago, official data released by Enterprise Singapore (ESG) on Monday (Oct. 17).

Exports to the top 10 markets as a whole decreased in September, mainly due to China and Hong Kong. However, exports to the main markets, including the US, Indonesia and Thailand, increased.

On a month-over-month seasonally adjusted basis, NODX fell 4 percent, compared to the previous month’s 3.9 percent decline. Both electronics and non-electronics declined.

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The NODX level reached S$16.5 billion in September, on a seasonally adjusted basis. This was lower than the S$17.1 billion in August, although it was higher than a year ago.

NODX rose during the year mainly due to non-electronics, while electronics fell.

Year-over-year, electronics NODX fell at a faster rate of 10.6 percent in September, after falling 4.5 percent in the previous month.

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Integrated circuits, disk media products and PC parts were down 12 percent, 42.7 percent and 22.3 percent, respectively, contributing the most to the decline in electronics NODX.

Pharmaceuticals, measurement instruments and non-monetary gold contributed most to the growth in non-electronic NODX.

Exports to the top 10 markets as a whole fell in September, following growth in the previous month, with China and Hong Kong being the largest contributors.

NODX to China fell 33.8 percent, a steeper pace than the 18.2 percent drop in August, driven by non-monetary gold, petrochemicals and integrated circuits.

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Meanwhile, exports to Hong Kong fell more slowly at 16.7 percent, after falling 31 percent in the previous month. This is due to integrated circuits, disk media products and electrical circuit equipment.

Overall trade was slower in September, growing 20.7 percent compared to 26 percent in August. Total exports increased by 20.1 percent, while total imports grew by 21.4 percent.

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